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Spain 15y syndication preview

EGB SYNDICATION
  • Spain will come to the market "in the near future" to sell the new long 15-year Jul-37 Obli via syndication. We expect the transaction to take place this morning.
  • This will be the third Spanish syndication of the year, following the 10-year 0.10% Apr-31 Obli in January where E10bln was issued (with books of E55bln) and the 50-year 1.45% Oct-71 Obli in February where E5bln was issued (with books of E65bln).
  • The last 15-year syndication was held in February 2019 with E5bln sold from books of E26bln. Given the larger issuance sizes seen more recently, we would expect a larger size of potentially E7-8bln for this transaction.
  • Timing: Books typically open between 8:15-8:30 with an update typically around 9:30 before spreads are set between 10:00-10:35. Books close generally at 11:00 with pricing between 14:55-16:20. All times are UK.
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